SPX is challenging new highs, but there is still a lack of quality setups.
I would have thought at this stage, we'd see a lot of quality setups beginning to emerge, but still that isn't the case. The number of bearish setups far outnumber the bullish ones. That's nothing to read into, just a point of fact.
With that said, my focus is solely on the long side right now, and once those new highs are established, I'll look to expand my portfolio's holdings to 4-6 total positions and then go from there.
This is by far the best rally the market has seen since February of this year, and is worth riding for as long as the market will allow for it to persist.
Below is my list of long setups, and while some of the names, like Facebook (NASDAQ:FB), have already made their big time runs, there are plenty of other names, like Adobe (NASDAQ:ADBE) and Owens Corning (NYSE:OC), that are just starting to make that move.
Below you will find my entire list of long setups:
